Baker Hughes to buy rival in oilfield services for $5.5B Sep 1, 2009
Baker Hughes to buy rival in oilfield services for $5 ... Baker Hughes to buy rival in oilfield services for $5 ... The acquisition is expected to produce $75 million in cost savings for Baker Hughes in 2010 and $150 million in 2011, and add to earnings per share in 2011. (USA Today -- Money)
Baker Hughes to Buy BJ Services for $4.8 Billion Sep 1, 2009
Baker Hughes to Buy BJ Services for $4 ... Baker Hughes to Buy BJ Services for $4 ... NEW YORK (Reuters) - Oilfield services company Baker Hughes Inc said on Monday it would buy smaller peer BJ Services Co for $4. (ABC News -- Wire)
Stocks Drop Worldwide, Led by China on Earnings; Yen Gains on DPJ Victory Sep 1, 2009
Stocks declined even after said it would buy Marvel Entertainment Inc., Baker Hughes Inc. agreed to acquire BJ Services Co. and a report from the Institute for Supply Management-Chicago Inc. showing improving business activity added to signs the economy is recovering. sank 3 percent to $26. (Bloomberg -- Canada)
U.S. stocks drop Sep 1, 2009
In corporate news, oilfield services company Baker Hughes Inc. said it will buy BJ Services Co. for 5. 5 billion U.S. dollars in a cash-and-stock deal. (Xinhuanet, China)
Baker Hughes to acquire BJ Service Co. Sep 1, 2009
Baker Hughes Inc, an oilfield services firm based in Houston, Texas will acquire fellow Houston-based company BJ Service Co. in an estimated $5 ... 4 shares of Baker Hughes stock plus $2. (Pittsburgh Business Times, PA)
Baker Hughes to merge with BJ Services Sep 1, 2009
The merger will boost Baker Hughes pressure pumping business, which accounted for less than 1 percent of the company s revenue in 2008, to about 20 percent of the combined revenue of the two companies, according to Baker Hughes ... Our two companies have highly complementary products and services with very little overlap, Chad Deaton, Baker Hughes chairman, president and chief executive officer, said in a statement ... Baker Hughes has a long record of partnering with BJ Services on major... (Dallas Business Journal, TX)
Is M&A on a Slow Upswing? Sep 1, 2009
Deals such as Disney-Marvel and Baker Hughes-BJ Services suggest that merger-and-acquisition activity is gradually picking up ... And oil driller Baker Hughes () agreed to buy competitor BJ Services () in a $5. (BusinessWeek)
Baker Hughes, BJ to merge Sep 1, 2009
Baker Hughes to merge with BJ Services - Houston Business Journal ... Baker Hughes to merge with BJ Services ... The merger will boost Baker Hughes pressure pumping business, which accounted for less than 1 percent of the company s revenue in 2008, to about 20 percent of the combined revenue of the two companies, according to Baker Hughes. (Houston Business Journal, TX)
Red End to Dow's Best August Since Sep 1, 2009
Baker Hughes (BHI) agreed to purchase fellow oilfield-services company BJ Services (BJS) for $5. 5 billion in cash and stock. (Fox News)
Baker Hughes Buys BJ Services for $5.5 Billion, Adds to Oilfield Business Sep 1, 2009
Baker Hughes to Buy BJ Services for $5 ... Baker Hughes to Buy BJ Services for $5 ... 5 percent of Baker Hughess outstanding shares, Houston-based Baker Hughes, the worlds third-largest oilfield- services provider, said in a statement today. (Bloomberg -- Canada)
Seahawk Drilling, Inc. Announces Completion of Spin-Off From Pride International Aug 25, 2009
Prior to joining Cameron, he was Senior Vice President and General Counsel of Baker Hughes Incorporated and an attorney and partner with the law firm of Fulbright & Jaworski L.L.P. in Houston, Texas. Mr. Myers currently serves on the Board of Directors of Comfort Systems, Inc. and ION Geophysical Corporation. (Primezone Releases)
Baker Hughes Inc. Aug 9, 2009
Baker Hughes, based in Houston, said second-quarter income fell to $87 million, or 28 cents a share, from $379 million, or $1. 23, a year ago. (Boston Globe)
Stocks Extend Gains In Choppy Session Aug 6, 2009
Earnings Wednesday: Activision Blizzard (), Agrium (), Almost Family (), Ameristar Casinos (), Athenahealth (), Baker Hughes (), Boyd Gaming (), Career Education (), Cisco Systems (), Concur Technologies (), Dean Foods (), Devon Energy (), Garmin (), J2 Global Communications (), Lincoln Educational Services (), Lumber Liquidators (), Ninety-Nine Cents Only Stores (), Petrohawk Energy (), PetroQuest Energy (), Procter & Gamble () and Tekelec (). The ADP employment survey, ISM services index and... (Investors Business Daily)
Key Energy Services Announces Second Quarter 2009 Results Aug 6, 2009
Comparatively, the average Baker Hughes U.S. land directed rig count declined 31% from the previous quarter, and 51% from last year's second quarter ... Dick Alario, Chairman, President and CEO, stated, "The oil producing regions of the U.S. have recently witnessed an activity response to an increase in the per barrel price of oil, which has averaged more than $60 for the last two months. In fact, the Baker Hughes U.S. oil directed drilling rig count is up more than 45% off of its recent low in... (PR Newswire)
Baker Hughes 2Q earnings down 77 percent Aug 6, 2009
Analysts polled by Thomson Reuters expected Baker Hughes (NYSE: BHI) to have net earnings per share of 46 cents. Second quarter 2009 results included $16 million associated with employee severance and reorganization costs and $38 million associated with increasing the allowance for doubtful accounts. (Houston Business Journal, TX)
Wall Street US stocks slide on services, jobs data Aug 6, 2009
Baker Hughes and Transocean also fell after they reported quarterly results that missed expectations. Baker Hughes' stock lost 7. (Sydney Morning Herald -- Business)
Phoenix Reports Financial and Operational Results for the Three-Month & Six-Month Periods Ended June 30, 2009 Aug 5, 2009
(Sources: Daily Oil Bulletin and Baker Hughes) ... (Source: Baker Hughes) ... (Source: Baker Hughes) The Fund's US operating days decreased by approximately 28 percent to 2,804 days in the six-month period ended June 30, 2009 from 3,917 days in 2008. (CCNMatthews Press Releases)
Baker Hughes Announces Second Quarter Results Aug 5, 2009
HOUSTON, Aug. 5 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: ) today announced that net income for the second quarter 2009 was $87 million or $0 ... Chad C. Deaton, Baker Hughes chairman, president and chief executive officer, said, "Our second quarter results reflect trends in the North America and International markets. For North America, the decline in activity has been severe; however, in recent weeks the market has been stabilizing. We believe the decline in the US rig count... (PR Newswire)
SAP Announces Second Quarter and First Half 2009 Results Jul 29, 2009
In the second quarter of 2009, SAP closed major contracts in several key regions including Federal Interior Ministry of Germany, Group Danone, Shoosmiths, and Statoil ASA in EMEA; Baker Hughes, Boston University, Confederacao SICREDI, and Eaton Vance Corp. in Americas; and China Export & Credit Insurance Company, Commonwealth Bank of Australia, Ministry of Finance, Singapore, and Tata Teleservices Ltd in Asia Pacific Japan. On June 16, SAP announced the first details of SAP's on-demand strategy... (PR Newswire)
Schlumberger Net Falls as Oil Clients Slash Capital Budgets, Prices Drop Jul 25, 2009
The number of oil and gas in operation, a leading indicator of demand for oil services, dropped in June to the lowest since January 2003 in the U.S., according to Baker Hughes Inc. Gould said he doesnt expect higher levels of drilling before 2010 and North American service pricing will remain depressed for the rest of this year. Your operations are so much, to such a larger extent, governed by what happens to a commodity price, and you dont control that price at all, said , an... (Bloomberg -- Canada)
S&P 500 Short Interest Declines, Led by Banks, as Bets Against AIG Shrink Jul 25, 2009
Bets against Baker Hughes Inc., the worlds third-largest oilfield-services provider, climbed 27 percent to 11. 5 million shares. (Bloomberg)
U.S. Energy Security and Natural Gas Vehicles: A Reality Check Jul 25, 2009
Baker Hughes reports the active U.S. directional/horizontal rig count is down about 50% from last year's peak. Vertical rigs are down over 60. (Energy Pulse, CO)
Oil lingers near $65 as US crude supplies rise Jul 22, 2009
Of the rigs running nationwide, 665 were exploring for natural gas and 244 for oil, Houston-based Baker Hughes Inc. reported Friday. Eleven were listed as miscellaneous. (Fresno Bee -- Business)
Natural Gas futures rise Jul 19, 2009
The gas rig count dropped by seven rigs this week and has fallen by more than half since September, when the count peaked at 1,606, according to oilfield services company Baker Hughes. Read business stories in. (India Times)
Oil and Glory, Jul 18, 2009
The (much vaunted) case against Baker Hughes is a case in point, a more political (designed to weaken BH and favor Halliburton) case is difficult to imagine, strangely the multi year delays in Agip KCO awarding contracts won by Halliburtons competitors (including Baker Hughes) which were never awarded to the winners but rather retained by Halliburton (remember Mr. Chaneys unexplained detour to Atyrau, after which all Agip KCO support for the real winners ceased) in... (Harper's Magazine)
BroadVision Sets Date to Announce Second Quarter Fiscal Year 2009 Results Jul 14, 2009
com, Baker Hughes, BlueCross/BlueShield, Canon, EFG Bank, Epson America, Fiat, Hilti, Honeywell, Iberia, Indian Railway Catering and Tourism Corporation, Lockheed Martin, Oreck Corporation, PETCO, Sony, Verifone, Vodafone, and Xerox - rely on BroadVision as their platform of choice for e-business. The BroadVision logo is available at. (Primezone Releases)
Read the Cost of Freedom recap Jul 14, 2009
Ron Ianieri: Baker Hughes ( ). Adam Lashinsky: Oppenheimer International Growth ( ). (Fox News)
Marcellus Shale brings more energy companies to Pittsburgh area Jul 7, 2009
According to Baker Hughes, another Texas-based well service firm, the number of rigs in the ground in North America today is 971, 43 of them in Pennsylvania along the span of the Marcellus Shale. That s nearly double what it was two months ago, which already was a high for the region. (Pittsburgh Business Times, PA)
Big Oilfield Services Companies Cut More Jobs Jun 20, 2009
Smaller rivals Halliburton Co. and Baker Hughes Inc. also said they had reduced positions, but neither provided specific numbers ... Gene Schiels, a spokesman for Houston-based Baker Hughes, said that the company continues to monitor activity and "will make adjustments accordingly." ... 04, Baker Hughes shares fell 59 cents to $37. (ABC News -- Wire)
Asia's Drilling Rig Use Falls 9 Percent on Recession, Baker Hughes Says Jun 6, 2009
Asias May Rig Use Falls 9% on Recession, Baker Hughes Says - Bloomberg ... Asias May Rig Use Falls 9% on Recession, Baker Hughes Says ... June 6 (Bloomberg) -- The number of rigs used by oil and gas explorers in Asia fell by about 9 percent in May as the global recession sapped crude demand and squeezed credit, according to data from Baker Hughes Inc.. (Bloomberg -- Asia)
Australia's AMP Capital Buys Natural Gas in Anticipation of Price Gains May 29, 2009
The number of oil and natural gas rigs operating in the U.S. has more than halved from a two-decade high of 2,031 in September as the recession eroded demand, according to data published last week by Baker Hughes Inc.. Spot is trading at much lower levels than long-dated natural gas contracts, said Naeimi. (Bloomberg -- Australia & New Zealand)
Colorado's big drilling-rig drop May 23, 2009
Nationally, there were 918 active drilling rigs across the country in mid-May, down 51 percent from the 1,862 rigs counted one year ago by Houston s Baker Hughes Inc. (NYSE: BHI), a drilling service company. Matthews said Ensign employed about 1,800 people in the United States last year. (Denver Business Journal, CO)
Outlook for oil: Bust and boom May 22, 2009
The number of drilling rigs in use around the world fell by 32% in the year to April to 2,055, according to Baker Hughes, an oilfield-services firm ... Baker Hughes, a rival, has got rid of 3,000. (The Economist)
Texas oil and gas recovery likely in 2010, says energy group May 15, 2009
The Baker Hughes Texas rig count dropped from 881 in March 2008 to 445 a year later, a decline of almost 50 percent, and year-to-date drilling permits fell off over the same period from 5,440 to 3,240. As the downward cycle picks up steam in the coming months, it will not be possible for the industry to escape without losing a significant number of jobs, Ingham said. (Dallas Business Journal, TX)
Oil prices on the rise, crude ends week strong May 9, 2009
Houston-based Baker Hughes Inc. reported Friday that the number of rigs actively exploring for oil and natural gas fell by 17 this week to 928, down nearly half from a year ago. In other Nymex trading, gasoline for June delivery rose 4 cents to settle at $1. (The Star Online, Malaysia)
Oil settles above US$53; manufacturing declines slow May 2, 2009
Also, Baker Hughes Inc. reported Friday that the number of rigs actively exploring for oil and natural gas in the U.S. is down nearly half from a year ago. Gasoline futures rose Friday, bolstered by a report earlier in the week that Americans are filling up their cars at roughly the same rate as last year. (The Star Online, Malaysia)
Baker Hughes first-quarter net income down 51% Apr 30, 2009
Baker Hughes first-quarter net income down 51% - Houston Business Journal ... Baker Hughes first-quarter net income down 51 ... Analysts polled by Thomson Reuters expected Baker Hughes (NYSE: BHI) to have net earnings per share of 76 cents. (Houston Business Journal, TX)
Helix sells RDS unit to Baker Hughes Apr 29, 2009
Helix Energy sells consulting unit to Baker Hughes subsidiary - Houston Business Journal ... Helix Energy sells consulting unit to Baker Hughes subsidiary. (Houston Business Journal, TX)
Investors see safety in oil, prices above US$50 Apr 18, 2009
And Houston-based Baker Hughes Inc. said drilling has declined by nearly half from a year ago. The number of rigs actively exploring for oil and natural gas in the U.S. dropped by 30 this week to 975, Baker Hughes said. (The Star Online, Malaysia)
90 staff redundant at drill firm Apr 4, 2009
The company is part of US-owned Baker Hughes which is reducing its global workforce by 3,000 - almost 8% of its staff. It said the job cuts were a response to "the stalled world economy, lower oil prices and continuing scaled-back exploration and development spending". (BBC News -- UK)
Crude Oil Drops on Concern Rising U.S. Unemployment Will Erode Fuel Demand Apr 4, 2009
The number of oil rigs operating in the U.S. rose for a second week, according to data published by Baker Hughes Inc. today. The count increased by 7, or 3. (Bloomberg -- Canada)
Houma-Thibodauxs economic engine begins to sputter Mar 30, 2009
As of March 20, the number of rigs drilling in the U.S. was down to 1,085, down 39 percent from a year ago and 50 percent since August, according to Houston-based Baker Hughes Inc. ... Analysts who study large, publicly traded, oil-service companies like Schlumberger, Halliburton, Baker Hughes and Weatherford International are mostly cautious about what s in store. (WWLTV.com, LA)
Business briefs Mar 29, 2009
Of the rigs running nationwide, 810 were exploring for natural gas and 217 for oil, Houston-based Baker Hughes Inc. reported Friday ... Baker Hughes has tracked rig counts since 1944. (Casper Star-Tribune, WY)
Natural gas plunge drags down energy prices Mar 28, 2009
Houston-based Baker Hughes Inc. reported Friday that drilling projects are in serious decline. The number of rigs actively exploring for oil and natural gas in the United States fell for the 10th straight week. (Muscatine Journal, IO)
Oil industry narrows focus on deep water Mar 24, 2009
North American rig totals fell for a ninth straight week, Houston-based Baker Hughes Inc. reported Friday. The total number of active rigs, 1085, is lower than at any point since January 2004. (AZCentral -- Business)
Baker Hughes reorganizes operations Mar 24, 2009
Operations in the Western Hemisphere will be organized under John O Donnell, who will be named president of Baker Hughes Western Hemisphere operations. Similarly, Baker Hughes (NYSE: BHI) will put its Eastern Hemisphere operations under a president of Eastern Hemisphere operations, who will be named at a later date ... The organization of Baker Hughes by geography and product lines is a continuation of the changes we have made to strengthen our client-focused operations by moving executive... (Houston Business Journal, TX)
Baker Hughes Announces Organizational Changes Mar 23, 2009
HOUSTON, March 23 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: ) announced today that it will organize its global operations by geography. Western Hemisphere operations will report to John A. (Andy) O'Donnell who will be named Baker Hughes Vice President and President Baker Hughes Western Hemisphere Operations ... Eastern Hemisphere operations will report to the Baker Hughes Vice President and President Eastern Hemisphere Operations who will be named at a later date. (PR Newswire)
New jobless claims fall more than expected Mar 20, 2009
Mobile device maker Nokia Corp. said it would cut 1,700 jobs worldwide, and oil producer Baker Hughes Inc. said it would eliminate 1,500 jobs, bringing its total recent cuts to 3,000. Type Size. (AZCentral -- Business)
Warren Buffett's U.S. Takeover Test Passed by Sysco, VF, Danaher, Marathon Mar 20, 2009
Aetna Aflac Agilent Technologies Allergan Anadarko Petroleum Aon Archer Daniels Midland Baker Hughes Becton Dickinson Brown-Forman Bunge Cardinal Health Carnival Chubb Computer Sciences Covidien Danaher EOG Resources General Dynamics Halliburton Hess Illinois Tool Works Intercontinental Exchange Intuit ITT Kohls Loews Corp. Marathon Oil McKesson Newmont Mining Noble Corp. Noble Energy Nucor Precision Castparts Raytheon Reynolds American Rockwell Collins SAIC Smith International Southern... (Bloomberg)
Thursday's Top Stories Mar 20, 2009
Thus, FedEx joins a long and lengthening line of pink-slip-Polly-un-Annas -- Caterpillar (NYSE: CAT), Nokia (NYSE: NOK), Baker Hughes (NYSE: BHI), and United Technologies (NYSE: UTX) all announced layoffs of their own this week. So I guess it's true what they say about FedEx, folks -- it is an economic bellwether. (MSNBC -- Business)
Jobless claims fall; continuing claims at record Mar 20, 2009
Mobile device maker Nokia Corp. said it would cut 1,700 jobs worldwide, and oil producer Baker Hughes Inc. said it would eliminate 1,500 jobs, bringing its total recent cuts to 3,000. Also in msnbc. (MSNBC -- Business)
Will gas prices stay put for long? Mar 18, 2009
Houston-based Baker Hughes Inc. reported last week that the number of active oil and natural gas rigs dropped to 1,126. That is the lowest point since February 2004. (Sioux City Journal)
Baker Hughes cuts another 1,500 jobs Mar 17, 2009
The additional reduction comes nearly two months after Baker Hughes (NYSE: BHI) announced it would ... Before the first round of layoffs, Baker Hughes had about 7,300 employees in the greater Houston area and about 40,000 around the world. (Houston Business Journal, TX)
Oil near US$47 in Asia Tuesday (updated) Mar 10, 2009
Domestic producers are also slashing production and on Friday, Baker Hughes reported that the number of oil and gas rigs in North America fell for the seventh straight week. That was two days after the government said that U.S. crude inventories fell for a second week in three, halting a trend over the previous six weeks that saw inventories jump more than 30 million barrels. (The Star Online, Malaysia)
FG to sue foreign firms involved in bribery Mar 9, 2009
The settlement, still awaiting formal approval from the U.S. Department of Justice, would be the biggest fine by a U.S. company in a bribery case, topping the $44 million that Baker Hughes Inc. paid last year in relation to charges that it paid bribes in Kazakhstan. Penalties for bribery and corruption offences have been increasing worldwide with Siemens, the German conglomerate, agreeing to pay $800 million (GBP564 million) to settle U.S. allegations regarding payments to government officials... (Guardian News, Nigeria)
Crude Oil Advances as the Dollar Weakens, Increasing Appeal of Commodities Mar 7, 2009
4 percent in February to the lowest level since April 2006, according to data published by Baker Hughes Inc. Rigs exploring for or producing oil or gas declined by 221 to 2,753, Baker Hughes said today on its. Oil may rise further next week. (Bloomberg -- Canada)
How oil firms' policies might spur return of rising gas prices Mar 3, 2009
Gary Flaherty of oil service company Baker Hughes says costs likely will not fall because drilling technology has improved, helping oil companies save money by speeding projects. And, Urban says, it's tough to cut oil workers' salaries. (USA Today -- Money)
New Iberia city officials sued, racism alleged Mar 3, 2009
Keep it out the neigborhood wrote on Mar 2, 2009 7:40 AM:" omg, anytime the blacks dont get what they want its racism, the fusuliers have enouph business to be in a commercial zone where they belong, yeah they dont live in River Ranch, but that doesnt mean that the neighborhood should be trashed with traffic all day, while your at it why dont we open a Baker Hughes on Oak st. Leave the residential a residential and get a real job like everyone else, there just trying to cut cost and overhead by... (New Iberia, LA)
Baker Hughes Appoints Martin S. Craighead Senior Vice President and Chief Operating Officer; Announces David H. Barr Will Retire Feb 26, 2009
HOUSTON, Feb. 25 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: ) announced today that Martin S. Craighead, 49, has been appointed Senior Vice President and Chief Operating Officer and is expected to assume his new duties on April 30, 2009. In this position, he will report to Chad C. Deaton, President, Chairman and Chief Executive Officer of Baker Hughes ... Baker Hughes also announced that David H. Barr, 59, will retire from the company on April 30, 2009. (PR Newswire)
Phoenix Reports Record Financial and Operational Results for the Year Ended December 31, 2008 Feb 25, 2009
(Source: Baker Hughes) ... (Source: Baker Hughes) US producers, like their Canadian counterparts, were realizing the benefits of improved economics that utilize horizontal drilling in conjunction with advanced fracturing techniques in areas such as the Barnett Shale in Texas and the northeastern US.. (CCNMatthews Press Releases)
Subsea Technology Conference and Exhibition to Spotlight Latest Technology, Innovation Feb 24, 2009
Companies showcasing their products and services in the exhibition hall include Aker Solutions, FMC Technologies, Cameron, VetcoGray, Baker Hughes, Technip, Acergy and Helix Energy Solutions. Products on display on the exhibit floor include, but are not limited to: subsea trees, wellheads, control systems, tie-in connection and tooling systems, structures, umbilicals, drilling risers, processing and boosting systems, monitoring systems, subsea control fluids and lubricants, pumping solutions,... (PR Newswire)
U.S. Natural Gas Production Seen Sliding for Four Years: Chart of the Day Feb 21, 2009
The red line shows the number of rigs drilling for gas in the U.S., as tracked by Baker Hughes Inc. In 2001-02, the so-called rig count declined for nine months in a row. Gas production, shown in white, declined for the next four years and didnt return to the 2001 level until 2007. (Bloomberg)
Excel version Feb 8, 2009
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